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About insolvency
Insolvency is another name for bankruptcy. In fact, its one of several different ways to have your debts written off. Consequently, you get a fresh start. Sounds great. However, there are serious consequences. You’ll find it hard to get credit for many months, even years. In a small minority of cases you could even lose…
Read MoreWhy being at your credit limit reduces your credit score
If you are at or close to your credit card or overdraft limits then you are likely to be refused a loan. If you are at your credit card limits this may give a lender the impression that you are using the cards to live beyond your means. Furthermore, if lenders suspect you’re using credit…
Read MoreGreat, there are no county court judgments on your file.
You’ve got a County Court Judgment
A County Court Judgment (CCJ), even from some time time ago, still has a negative effect on your credit score. Consequently a CCJ can make it harder for you to get a loan. Tip: ‘Satisfying’ a CCJ. You can repay a CCJ in full. This is called ‘satisfaction’. First, though, you must complete Form N443:…
Read MoreYou’ve got a recent County Court Judgment
Having more than one County Court Judgment (CCJ) or a very recent CCJ will make it really hard to get a loan. The age of the CCJ matters. Tip: If your CCJs are almost six years old, it is probably worth letting the time pass. However, if the CCJ is very recent you could pay…
Read MoreYou were made insolvent a few years ago
An insolvency will hang around on your credit file for six years. According to your credit file you have been made insolvent, although that was a few years ago. Responsible lenders, like credit unions, may offer a small loan even if you have been made bankrupt in the past. Tip: Make sure you’re signed up to…
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